Beverley Building Society

General Mortgage Information

Before you take out a mortgage with Beverley Building Society please take time to read our General Mortgage Information below:

Type of Mortgages

Beverley Building Society offers mortgages within England and Wales for the purpose of purchasing, re-mortgaging, re-mortgaging including capital raising and providing further funding for home improvements secured against a residential property on a first charge basis. Beverley Building Society offers a range of different types of mortgages listed below. There may be times when a specific type of mortgage is not offered. A list of our current mortgage deals is available on our mortgage products page.

Discount Variable Rate Mortgages

The interest rate is represented as a discount off Beverley Building Society’s current standard variable rate for a certain period of time. These rates can go up as well as down over the period of the loan and although you may start off with a low rate you need to ensure your monthly budget allows for variation in your mortgage payment. (This type of mortgage has no link with The Bank of England Base Rate).

Standard Variable Rate Mortgages

Where the interest rate is determined by the Beverley Building Society. These rates can go up as well as down over the period of the loan and you need to ensure your monthly budget allows for variation in your mortgage payment. (This type of mortgage has no link with The Bank of England Base Rate).

Base Rate Tracker Mortgages (No longer available)

Where the interest rate goes up and down in line with the Bank of England Base Rate. The pay rate may be a specific rate above or below the Bank of England Base Rate. You may start off with a lower rate but are not guaranteed that this won’t increase in the future.

Repayment Options

Beverley Building Society offers mortgages on a Capital and Interest (Repayment) basis, an Interest Only basis and a combination of both Repayment & Interest Only. Mortgage customers who choose Interest only as a repayment option have the responsibility to ensure the capital is repaid at the end of the loan. These customers are advised to regularly check the performance of any investment that is to be used as a repayment vehicle. Mortgage payments are to be made on a monthly basis by direct debit over the specified mortgage term.

Criteria Restrictions

Additional Charges

You may incur additional charges that may not be included in the total cost of the mortgage in the representative example below.

In some circumstances compliance with the terms and conditions of the MCD regulated mortgage contract might not ensure repayment of the total amount of credit.

Valuation

All mortgage approvals are subject to the property having a mortgage valuation carried out on behalf of Beverley Building Society. Depending on the mortgage product on offer at the time of application, a fee may be payable.

Insurances

There are no compulsory insurances that have to be taken out through Beverley Building Society however buildings insurance must be in place prior to completion of the mortgage and continued throughout the term of the mortgage.

Further Information

Further information about Beverley Building Society’s mortgage products and facilities, including individual representative example can be found on the mortgage pages of the website, as well further information can be found in branch at Beverley Building Society, 57 Market Place, Beverley, HU17 8AA.

Tel: 01482 881510

Email: website@beverleybs.co.uk 

Representative Example

A mortgage of £118,500.00 secured by a first charge on your main residential property, payable over 18 years initially on a discounted variable rate of 1.95% for 2 years and then on our Standard Variable Rate (SVR) of 4.75% (variable) for the remaining 16 years would require 24 monthly payments of £650.95 and 192 monthly payments of £798.85.

The total amount payable would be £169,202.00 made up of the loan amount plus interest (£50,702.00) including deeds sealing and dispatch fees of £200.00.

The overall cost for comparison is 4.2% APRC representative.

The actual rate available will depend upon your circumstances. To find out more or request a personalised illustration please see contact details above.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE

Free standard valuation and free legal fees for switching your existing mortgage to us.

Interest is calculated daily A 'KEY FACTS ILLUSTRATION' is available on request.

If the account falls into arrears the Society may revert the account to the SVR.

EARLY REPAYMENT CHARGE Overpayment of 10% of the mortgage can be repaid each year during the discount period. If an overpayment of more than this amount takes place a 2.00% early repayment charge will be applied.

MAXIMUM LOAN of £750,000 up to 65% LTV | MAXIMUM LOAN of £500,000 up to 80% LTV | MAXIMUM LOAN of £150,000 up to 95% LTV

MAXIMUM TERM 40 years | MINIMUM TERM 5 years | MINIMUM AGE 18 years

LTV = LOAN TO VALUE | SVR = STANDARD VARIABLE RATE

APRC = The annual percentage rate charge (APRC) is the total cost of the loan expressed as an annual percentage. The APRC is provided to help you compare different products.

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